Beyond Meat misses quarterly sales estimates

Reuters – Beyond Meat Inc missed estimates for quarterly revenue on Wednesday, as the plantbased protein maker wrestled with increased competition in the United States.

The plantbased meat space has become more competitive in recent years as more traditional names including Tyson Foods Inc, Kellogg Co as well as newbies have entered the fray and are offering big discounts to attract consumers.

Sales to U.S. restaurants and other foodservice joints decreased 7.5 in the first quarter ended April 2.

“The decrease in U.S. foodservice channel net revenues was primarily attributable to the discontinuation of distribution at a certain customer, which was included in the yearago period,” the company said.

Net revenue was 109.5 million in the reported quarter, compared with 108.2 million a year earlier. Analysts polled by Refinitiv had expected 112.3 million.